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Palm Coast man sentenced in Ponzi scheme

PALM COAST, Fla. - A Palm Coast man who was accused of operating a Ponzi scheme was sentenced to five years in prison Wednesday.

Prosecutors said Anthony Fregenti told his victims that if they invested with him he would purchase exotic cars and high-end motorcycles, and then sell them to his customers in Saudi Arabia, including a prince, for a large profit.

The 42-year-old was also ordered to pay $3 million in restitution to his victims.

He must also pay $100,000 a year when he is released from prison on probation.